Press Releases

The Government is giving out the third and final lot of the Economic Restructuring Shares (ERS) in early 2005. 650,000 Singaporeans have yet to qualify because they have not put $50 into their CPF Account. The Government would like to urge these Singaporeans to do so before the closing date of 31 December 2004.

2. Elderly citizens aged 62 and above make up a quarter of the 650,000 Singaporeans who have yet to qualify. As was done last year, there is a special arrangement to help them get their ERS without contributing $50 cash upfront. All they need to do is sign a form to ask the CPF Board to transfer $50 from their ERS to their CPF Account. They must return the form to the CPFB by 30 November 2004 to receive their ERS on 1 January 2005, or 31 December 2004 to receive their ERS on 1 February 2005.

3. The Government also has other measures so that as many Singaporeans get their ERS as possible:

- Starting today, CPFB will send personalised letters to eligible Singaporeans who have not contributed $50 to urge them to do so.

- The application forms for the 3rd lot are now simpler.

- Grassroots leaders will visit non-contributors living in 1- and 2- room HDB flats.

- CPFB will work with the Ministry of Community, Youth & Sports, the Ministry of Health, and Prisons Department to reach out to those in welfare and nursing homes, community hospitals and prisons.

- Those who need help with the $50 contribution can approach their Citizens' Consultative Committees (CCC) in the Community Centres/Clubs for help.

3. The ERS is part of an offset package to help cover the increase in GST from 3% to 5%. It comes in three lots. Eligible Singaporeans received their first and second lots in early 2003 and 2004 respectively. The third lot will be given out in early 2005. The Government will give Singaporeans bonus shares on 1 March based on their ERS balance as at 31 December the year before, at 3% plus real GDP growth rate.

4 Singaporeans can contribute $50 in the following ways:

Internet Direct Debit - at the ERS website if they have DBS/POSB or UOB Internet banking accounts

Cheque - made payable to 'CPF Board', and sent to CPF Board, Robinson Road, P.O. Box 197,Singapore 900347

NETS - at Singapore Post offices or Self-Automated Machines (SAM)

Cash - at Singapore Post offices

5. No one should miss out on the ERS. Singaporeans should remind family members, relatives and friends to contribute, or contribute on behalf of family members. For more information on the ERS, please visit the ERS website (www.ers.org.sg) or call the ERS Hotline at 1800-5-377-377 (1800-5-ERS-ERS).

MINISTRY OF FINANCE